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Accounting Expert Witness: Economic Loses Due to a Wrongful Death

The wrongful death of a family member usually leads to lost services to a company and the surviving spouse and children of the individual. The economic and financial losses felt from the death are often complex with the need for an accounting expert witness to evaluate these situations to the fullest and provide a basis of the lost services.

Economic losses usually impact the surviving family of the deceased to the point that financial difficulty is generally the start of the consequences. The goal of calculating these losses through an expert witness is to demonstrate to the judge or jury how much the family faces in hardship based on what was taken from the spouse and children or other dependents. If the deceased was the primary income earner, the injured party need compensation to become whole. Recovering from the tragedy not easy, and the burden of needing to find another job or add to the wages of the household is great. An accounting expert may determine how much the amount is when calculating all factors.

The Accounting Expert Witness Explained

Primary tasks for an accounting expert may run through valuations of economic losses and how awarding damages to the family surviving the
deceased may provide recovery. This requires finding the defendant liable in the actions that caused the death of the employee. The wrongful death case may contain complicated matters that need investigation and more information to unravel confusion. Calculations and various factors connected to the incident and how much the deceased supplied to the company and family may take time and effort for the expert to explain. However, his or her testimony is important in the courtroom once he or she has come to a conclusion.

Wrongful Death and Lost Services of Family Explained

The wrongful death claims that surviving family members make with the death of a loved one occur when there is reason to believe that the individual dies unduly. This could prove as an accident, but many of the incidents that lead to the end of life are preventable. Negligence at work, the indirect actions of the employer or other employees and various tasks that lead to the death could all cause a wrongful death claim. Other possibilities exist when another person intentionally killed the deceased. While the person that killed the loved one may not face criminal justice, civil litigation is available for compensation of the loss.

Loss of services usually involves a company when someone dies. However, if the deceased had services connected with the family or other dependents, these services are no longer possible when he or she dies. The reason an expert becomes necessary is to calculate these services and other monetary amounts. Lost services could involve asset and estate management, earning income and providing care for others. The lost funds to the family need calculating to understand just how much this would be in comparison if he or she were still alive. Then, the family could file a claim with a lawyer and expert to attempt to acquire the funds from the defendant.

Loss Components Explained

When the loss of a loved one causes issues for a family in the event of wrongful death, there are certain parameters that need inclusion for court processes. These may involve a loss of income, other extra expenses, payroll matters, financial support and materials and supplies. The services the deceased supplied to the home may also include those no longer performed for the plaintiff of the claim. Medical treatment, living accommodations and burial costs are often part of the calculations in these compensation claims as well.

The Accounting Expert’s Involvement

The expert in these matters usually requires several factors to include in the calculations. The lost income is often the most important element and may increase the amount significantly. However, there are other services the deceased may perform for the family. By keeping the finances and increasing the value of an estate, the loved one may have ensured economic freedom and support. Many individuals in these situations have dependents that require either healthcare services or other support such as rent paid and food delivered.

If the surviving family member has a disability, he or she may require these services. The expert is able to calculate these amounts and explain to the court why the individual or company that caused the wrongful death needs to compensate the family for the full amount calculated.

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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.

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